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GBP/USD Technical Analysis: Flirting with 100-hour SMA/trend-line confluence support

   •  The pair has been oscillating between two converging trend-line over the 1-1/2 week or so, forming a bearish rising wedge chart pattern on hourly charts.

   •  However, repeated rejection slides from the 1.2700 handle continue to find some support near the lower trend-line support, now coinciding with 100-hour SMA.

   •  Technical indicators on hourly charts though have been losing some traction, have managed to hold in the bullish territory and seemed supportive of the dip-buying interest.

   •  Meanwhile, oscillators on the daily chart haven't been able to recover from the negative zone, indicating persistent selling bias on every attempted move higher.

   •  Hence, it would be prudent to wait for a convincing breakthrough the mentioned confluence support before traders start positioning for any meaningful near-term downfall.

GBP/USD 1-hourly chart


    Today Last Price: 1.2658
    Today Daily change: -7.0 pips
    Today Daily change %: -0.0553%
    Today Daily Open: 1.2665
    Previous Daily SMA20: 1.2696
    Previous Daily SMA50: 1.2847
    Previous Daily SMA100: 1.2913
    Previous Daily SMA200: 1.3231
    Previous Daily High: 1.2708
    Previous Daily Low: 1.2605
    Previous Weekly High: 1.276
    Previous Weekly Low: 1.2477
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2668
    Previous Daily Fibonacci 61.8%: 1.2644
    Previous Daily Pivot Point S1: 1.2611
    Previous Daily Pivot Point S2: 1.2557
    Previous Daily Pivot Point S3: 1.2508
    Previous Daily Pivot Point R1: 1.2714
    Previous Daily Pivot Point R2: 1.2762
    Previous Daily Pivot Point R3: 1.2816


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